The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts

• 成果类型: Article
• 署名作者: Ardagna, Silvia; Caselli, Francesco
• 署名单位: University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.6.4.291
• 发表日期: 2014
• 页码: 291-323
• 关键词: information; deliberation

摘要

We review the events that led to the May 2010 and July 2011 bailout agreements. We interpret the bailouts as outcomes of political-economy equilibria. We argue that these equilibria were likely not on the Pareto frontier, and sketch political-economy arguments for why collective policymaking in the Euro area may lead to suboptimal outcomes.